Home Debt Medina County District Library debt payment rolls off in 2024

Medina County District Library debt payment rolls off in 2024

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MEDINA — Medina County taxpayers will see a reduction in their 2024 tax bill following the payoff of the Medina County District Library’s 2003, $42.3 million tax bond issue was paid off in December. According to Library officials, this means county taxpayers will support their six library locations and Outreach Services at the lowest tax rates since 2002.

“We are grateful to our residents and more than 89,400 MCDL card holders for supporting the library’s future in 2003 and for continuing to use the libraries to the present with our more than half million visitors last year,” said Julianne Bedel, Medina County District Library (MCDL) director.

The bond funded new construction and remodeling and expansion of all county libraries between 2005 and 2008. Prior to this construction project, Lodi Library was housed in a former funeral parlor and Highland Area Library was in the current Hinckley Historical Society building, which was unable to support the weight of the library collection. Steel rods were installed in the basement of the building to reinforce the floors.

The Buckeye area didn’t have a library prior to the bond issue, the Medina and Brunswick libraries were transformed with major additions and remodeling and Seville Library was also expanded.

“We listened to the community, kept the Medina Library on our historic square, and created buildings to serve as community centers and meeting places,” Christine Gramm, Medina Library manager, said of the bond issue. “We focused on what our residents wanted, and have continued to adjust through the 20 years that have gone by.”

Moving forward, MCDL will operate on a 1.5 mill levy, which collects at less than $40 a year for every $100,000 of assessed value. The recently retired bond issue began collecting in January 2004 after voters approved it in May 2003.

With a bond refinancing in 2012, the library saved $2.4 million in interest costs, which library officials said was passed on to tax payers. According to the firm that conducted the refinancing, MCDL saw an 8% savings over the remainder of the bond, a savings of $200,000 annually over the remaining 11 years of collection.

Read more news from the Medina Sun.

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